In Fulbright County, the Parks and Recreation Departmentconstructed a library in one of the countyâs high growth areas. Theconstruction was funded by a number of sources. Below is selectedinformation related to the Library Capital Project Fund. Allactivity related to the library construction occurred within the2017 fiscal year.
Required Prepare a journal entry for capital projects fund andgovernmental activities at the government-wide level.(If no entryis required for a transaction/event, select "No Journal EntryRequired" in the first account field.)
1. The county issued $7,900,000, 6 percent bonds, with interestpayable semiannually on June 30 and December 31. The bonds solldfor 101 on july 30, 2016. Proceeds from the bonds were to be usedfor construction of the library, with all interest and premiumsreceived to be used to service the debt issue. Assume the premiumand interest are recorded directly in the debt service fund.
Capital Project fund:
Government Activities:
2. A $840,000 federal grant was receive to help financeconstruction of the library.
Required Prepare a journal entry for capital projects fund andgovernmental activities at the government-wide level.(If no entryis required for a transaction/event, select "No Journal EntryRequired" in the first account field.)
1. The county issued $7,900,000, 6 percent bonds, with interestpayable semiannually on June 30 and December 31. The bonds solldfor 101 on july 30, 2016. Proceeds from the bonds were to be usedfor construction of the library, with all interest and premiumsreceived to be used to service the debt issue. Assume the premiumand interest are recorded directly in the debt service fund.
Capital Project fund:
Government Activities:
3. The library special revenue fund transferred $440,000 for usein construction of the library.
Capital Project fund:
Government Activities:
4. A construction contract was awarded in the amount of$6,990,000
Capital Project fund:
Government Activities:
5. The library was completed on June 1, 2017, four months aheadof schedule. Total construction expenditures for the libraryamounted to $9,160,500. When the project was completed, the cost ofthe library was allocated as follows. $295,000 to land, $6,390,000to building to building, and the remainder to equipment.
5a. Capital projects fund: Record the completion of constructionof the library
5b. Capital projects fund: Record the payment upon completion ofcapital project.
5c. Govermenatal activities: Record the completion ofconstruction of the library
5d Governmental activities: Record the capitalization of eachitem.
6. The capital projects fund temporary accounts were closed tofund balance-- restricted. The resources are restricted becausethey were obtained from bonded debt issued exclusively for libraryconstruction. The capital projects fund were closed by transferringremainin funds to the debt service fund for use in libraryconstruction debt repayment.
6a Capital Project fund: close the completion of construction ofthe library
6b Capital project fund: Record the transfer to the debt servicefund.
6c Capital project fund: Close the remaining temporary accountto Fund Balance- restricted.
6d. Governmental activities:
These are my options
No Journal Entry Required
Accumulated Depreciation
Appropriations
Bonds Payable
Budgetary Fund Balance
Buildings
Cash
Construction Expenditures
Construction Work in Progress
Encumbrances
Encumbrances Outstanding
Estimated Revenues
Expenditures
ExpensesâGeneral Government
ExpensesâPublic Safety
Fund BalanceâAssigned
Fund BalanceâRestricted
Fund BalanceâUnassigned
Gain on Sale of Machinery
Interest Expenditures
Interest Payable
Interfund Transfers Out
Land
Loss on Sale of Machinery
Machinery and Equipment
Other Financing SourcesâInterfund Transfers In
Other Financing SourcesâProceeds of Bonds
Other Financing Uses
Premium on Bonds Payable
Proceeds of Bonds
Program RevenuesâCulture and RecreationâCapital Grants andContributions
Program RevenuesâPublic Safety
Revenues
Vouchers Payable
In Fulbright County, the Parks and Recreation Departmentconstructed a library in one of the countyâs high growth areas. Theconstruction was funded by a number of sources. Below is selectedinformation related to the Library Capital Project Fund. Allactivity related to the library construction occurred within the2017 fiscal year. |
Required | |||
Prepare a journal entry for capital projects fund andgovernmental activities at the government-wide level.(If no entryis required for a transaction/event, select "No Journal EntryRequired" in the first account field.) | |||
Capital Project fund: Government Activities: 2. A $840,000 federal grant was receive to help financeconstruction of the library.
|